Southeast Asian omnichannel fashion retailer Love Bonito has acquired Singapore-based activewear brand Butter and a minority stake in healthcare startup Moom Health for an undisclosed sum.
The activewear line will be rebranded as ‘Cheak’, a play on the word ‘cheeky’. The company said the acquisitions are part of Love, Bonito’s ambition to build “a holistic female ecosystem with a house of brands curated for Asian women”.
The deal follows Love Bonito’s series C funding last year where it raised $50 million led by a Chinese venture capital giant Primavera.
“Our long-term vision is to be a true life partner for our community of women, in and beyond fashion, and activewear is a key category we’ve looked to venture into since two years ago,” said Dione Song, CEO of Love, Bonito.
“Merging forces with Butter came at the right place and time for both of us, and we look forward to reshaping our evolution into a female ecosystem alongside emerging passion-driven women-led brands.”
Founded in 2020 by two Singaporean female entrepreneurs, Olivia Yiong and Tiffany Chng, Butter offers affordable activewear designed for Asian body types. Generating $500,000 in revenue in its first year of business with a five-product range, the fashion label is on course to reach 138 per cent year-on-year growth.
Moom Health was founded by two sisters, Mili and Maya Kale, offering to formulate supplements with experts that combine ancient tradition with modern scientific practice. The Singapore-based startup raised $854,000 in a seed round last month led by DSG Consumer Partners, which was also joined by Love, Bonito.